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Modification or exception to section 37B of Act (Group relief for Singapore companies)

Income Tax (Amalgamation of Companies) Regulations 2011

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) Subject to paragraph (2), where —(a)any unabsorbed capital allowances, donations or losses of an amalgamating company are transferred to the amalgamated company pursuant to section 34C(23) of the Act, being —(i)unabsorbed capital allowances that arose in the year of assessment relating to the basis period of the amalgamating company in which the day immediately before the date of amalgamation falls; or(ii)unabsorbed donations or losses that were made or incurred in the basis period of the year of assessment of the amalgamating company in which the day immediately before the date of amalgamation falls,as the case may be; and(b)the year of assessment referred to in sub-paragraph (i) or (ii) of sub-paragraph (a), as the case may be, is the same as the year of assessment relating to the basis period of the amalgamated company in which the date of amalgamation falls,then the amount by which such unabsorbed capital allowances, donations or losses, as the case may be, exceeds the income of the amalgamated company from the same trade or business as that of the amalgamating company for that year of assessment shall be the qualifying deduction that may be transferred by the amalgamated company as a transferor company to a claimant company of the same group for the purposes of section 37B of the Act for the same year of assessment.(2) Notwithstanding subsection (2) of section 37B of the Act, a transfer of the qualifying deduction referred to in paragraph (1) for any year of assessment from the amalgamated company to a claimant company under that section shall be made only if —(a)the amalgamating company referred to in paragraph (1) and the claimant company are members of the same group immediately before the date of amalgamation; and(b)the amalgamated company and the claimant company, for that year of assessment —(i)are members of the same group on the last day of the basis period for that year of assessment;(ii)have accounting periods ending on the same day; and(iii)have made an election under subsection (11) of that section.

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